“Atheeb Telecom” recommends assigning the executive management to study ways to restructure capital


Etihad Atheeb Communications Company (GO) announced its board of directors’ decision yesterday, recommending the executive management to study ways to restructure the capital, including reducing the capital; And then raise the capital in proportion to the company’s financial position.

This assignment also includes appointing financial and legal advisors, and presenting a future financial plan to the Board of Directors dealing with how to raise the company’s financial solvency, strategic expansion and improving operational and financial performance.

The Board’s decision aims to reduce the company’s accumulated losses, amounting to 116,789,640 riyals as at the end of the fiscal year ending on 03/31/2021, which is equivalent to 51.10% of the company’s capital, which amounted to 228,529,000 riyals at the end of the same period.


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